0000950103-11-005353.txt : 20111221 0000950103-11-005353.hdr.sgml : 20111221 20111221161227 ACCESSION NUMBER: 0000950103-11-005353 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111217 ITEM INFORMATION: Other Events FILED AS OF DATE: 20111221 DATE AS OF CHANGE: 20111221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: E TRADE FINANCIAL Corp CENTRAL INDEX KEY: 0001015780 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 942844166 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11921 FILM NUMBER: 111274707 BUSINESS ADDRESS: STREET 1: 1271 AVENUE OF THE AMERICAS FL 14 CITY: NEW YORK STATE: NY ZIP: 10020-1302 BUSINESS PHONE: 6503316000 MAIL ADDRESS: STREET 1: 1271 AVENUE OF THE AMERICAS FL 14 CITY: NEW YORK STATE: NY ZIP: 10020-1302 FORMER COMPANY: FORMER CONFORMED NAME: E TRADE Fiancial Corp DATE OF NAME CHANGE: 20111130 FORMER COMPANY: FORMER CONFORMED NAME: E TRADE FINANCIAL Corp DATE OF NAME CHANGE: 20111025 FORMER COMPANY: FORMER CONFORMED NAME: E TRADE FINANCIAL CORP DATE OF NAME CHANGE: 20031001 8-K 1 dp27832_8k.htm FORM 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of report:  December 17, 2011
(Date of earliest event reported)


E*TRADE FINANCIAL CORPORATION
(Exact name of registrant as specified in charter)


Delaware
1-11921
94-2844166
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

1271 Avenue of the Americas, 14th Floor, New York, New York 10020

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:  (646) 521-4300
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
Item 8.01.       Other Events

The Company has entered into a memorandum of understanding agreeing to settle class action lawsuits (the “Freudenberg Action”) alleging violations of the federal securities laws by the Company and several of its former executives.  The Freudenberg Action, as well as several consolidated lawsuits, were commenced in October 2007 after the Company experienced losses in its portfolio of mortgages and home equity loans.  The agreement in principle, which requires court approval to become final, calls for the Company and its insurance carriers to make a settlement payment of $79 million, of which approximately $10.75 million will be paid by the Company, in return for full releases.  The defendants continue to deny that they committed any violations of law or breached any fiduciary duty to shareholders.  The Company’s portion of the settlement payment will be reflected as an expense in the fourth quarter of 2011.  The parties expect to enter into definitive agreements and seek court approval during the first quarter of 2012.
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
     
E*TRADE FINANCIAL CORPORATION
  
         
             
Date:   December 21, 2011   By:  /s/ Karl A. Roessner  
        Name: Karl A. Roessner  
        Title: Corporate Secretary